(Alliance News) - Kibo Energy PLC on Tuesday noted that its Wilsonville, US-based partner and energy storage firm ESS Tech Inc has listed on the New York Stock Exchange, raising USD300 million.
Kibo Energy is a multi-asset energy development company which is dual-listed in Johannesburg and London.
The proceeds will be used to scale ESS's manufacturing capabilities to meet growing global demand for long-duration energy storage.
Kibo said: "The announcement by ESS is exciting news and of significant strategic importance to Kibo. When we added ESS to our strategic partnership network in 2019, we were in the process of shaping our strategy to focus on renewable energy and the intent with the collaboration agreement was to add a truly innovative and strategic component to our business model. The latest developments at ESS will add further momentum to Kibo's recent decision to specifically focus on sustainable renewable and clean energy projects with a 12-to-18-month time horizon to first production."
ESS designs, builds and deploys environmentally sustainable, low-cost, iron flow batteries for long-duration commercial and utility-scale energy storage applications requiring from four to 12 hours of flexible energy capacity.
Kibo shares were flat at ZAR0.08 each in Johannesburg on Tuesday morning and were down 0.4% to 0.22 pence each in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Kibo Energy (KIBO)